Chase Savings ℠ Interest Rates Interest is compounded and credited monthly, based on the daily collected balance. Interest rates are variable and determined daily at Chase's discretion. The current APY for the Chase Premier Savings℠ is 0.01%, but savings account holders have the option to increase the interest they earn on their savings up to 0.05%. Chase offers these better.

Chase Savings Account has a coupon for new customers. But how does it work? Read this review for the latest account promotion, fees and minimum balance details.

  • Pros & Cons
  • Promotions
  • Chase Savings
  • Chase Premier Savings
  • Account Features
  • Is Chase Savings Account Good?
  • How to Open a Chase Savings Account
  • How to Deposit and Withdraw Money
  • Chase Savings for Military

Note: The information for the Chase Savings has been collected independently by CreditDonkey. The details on this page have not been reviewed or provided by the bank.

Pros & Cons of Chase Bank

Wells fargo savings account

Chase is one of the biggest banks in the U.S. First, let's take a quick look at the pros and cons of banking with Chase.

Pros

  • 16,000 Chase ATMs and more than 4,700 branches
  • Bonus for new customers
  • Automatic Savings Program
  • Online and mobile banking from anywhere
  • Free online bill pay, mobile deposits, and text banking
  • 24/7 customer service with real reps
  • Highly rated mobile app
  • FDIC insured up to $250,000
  • Full service bank with checking, savings, credit cards, mortgages, loans, and investing

Cons

  • Low interest rates
  • Not located in all states
  • Requirements to waive monthly service fee

Now, we'll take a more in-depth look at each account, fees, and features.

Chase is also known for some of the best cash-back and travel rewards credit cards on the market. Having a good banking relationship with Chase may win you some extra points when applying for a Chase card.

New Customer Promotions

Chase Savings

Chase Savings is Chase's basic savings account. It has the fewest requirements to open and it's easy to waive the monthly service fee. But there aren't any perks.

  • $0 opening deposit
  • $0 minimum balance requirement
  • $5 monthly service fee

Waiving the Service Fee
The $5 monthly service fee can be waived with just ONE of the following actions:

  1. Maintain a balance of $300 or more at the beginning of each day.
  2. Make at least 1 repeating automatic transfer of $25 or more from your personal Chase checking account or Chase Liquid Card.
  3. If you're younger than 18.
  4. Link to one of these Chase checking accounts: Chase Premier Plus Checking, Chase Sapphire Checking, or Chase Private Client Checking.
Chase Savings is Best for:
Pairing with a Chase checking account and making at least $25 in auto-transfers per month. This way, you can waive the monthly fee and build up a savings account at the same time.

Chase Premier Savings

Chase Premier Savings allows you to earn a higher interest rate when you have a bigger balance and meet certain relationship requirements.

Chase savings account interest rate
  • $100 opening deposit
  • $0 minimum balance requirement
  • $25 monthly service fee

Waiving the Service Fee:
The $25 monthly service fee can be waived with ONE of the following actions:

  1. Maintain a balance of $15,000 or more at the beginning of each day.
  2. Link to a Chase Premier Plus Checking or Chase Sapphire Checking.

Earning Higher APY:
You can earn higher Premier relationship rates when you perform BOTH these actions:

  1. Link to a Chase Premier Plus Checking or Chase Sapphire Checking, AND.
  2. Initiate at least 5 transactions every monthly statement period using your linked checking account.
Chase Premier Savings is Best for
Those who can afford to leave large balances in their bank accounts. It's best if you link to a Chase Premier Plus or Chase Sapphire Checking account so you can earn the higher interest rate. But note that both require large balances in order to waive the monthly service fee.

Chase Premier Savings Interest Rate

Account Features

Both Chase Savings and Chase Premier Savings offer these account features and tools:

  • Automatic Savings Program
    Create a recurring transfer from a Chase checking account so you can grow your savings without thinking. You can choose the amount and frequency.
  • Direct Deposit
    Can choose to directly send paychecks into your savings.
  • Chase QuickDeposit
    Deposit checks from anywhere by taking a photo with your phone.
  • Online Bill Pay
    Pay thousands of billers online or on mobile app.
  • QuickPay with Zelle
    Easily send money to another person with just their email or phone number.
  • Text Banking
    Check balances and transaction history by simply texting.
  • Checking Overdraft Protection
    When a Chase checking account is linked, Chase will transfer funds from your savings to cover overdrafts.
  • Paperless Statements
    See up to 7 years of statements online.
  • Account Alerts
    Set up alerts for account activity, such as for low balance, large transactions, and more.

Is Chase Savings Account Good?

Chase's savings accounts are a decent place to park your savings. However, the interest rate is very low and your money won't grow a whole lot (even with the Premier account). There are other savings accounts that pay over 2% in interest. So if your top priority is to grow your money, you'll want to look elsewhere.

But there are advantages to banking with Chase. It's convenient because there are a lot of physical locations. So if you still need certain in-person banking services, Chase is a solid choice.

Another big advantage is that you can start developing a good banking relationship with Chase. This can help open you up to more possibilities, like a better chance of getting their credit cards and loans.

Account

Chase Savings accounts are best used with a Chase checking account, so your service fees can be waived. But take note of balance/deposit requirements for Chase checking accounts so you don't incur a fee there.

For example, Chase Total Checking (Chase's basic checking account) has a $12 service fee unless you maintain a balance of $1,500 OR have direct deposits totaling $500 or more. Chase Premier Plus Checking has a $25 service fee unless you maintain a balance of $15,000 or have a Chase mortgage.

How to Open a Chase Savings Account

You can open a Chase savings account either in person at a branch or online.

Required Information:
  • Social Security number
  • Driver's license or state ID
  • Name and address
  • Date of birth
  • Phone number and email

After filling in the application, just make your first deposit and that's it. You must be a U.S. citizen or resident alien to open an account online.

How to Deposit or Withdraw Money

Chase makes depositing and withdrawing funds easy, so your money is easily accessible when you need it. There are a number of online and in-person ways.

Depositing money:

  • Direct deposits of paychecks.
  • Mobile deposit by taking photo of your check.
  • In person at a branch.
  • Deposit cash or checks at an ATM.
  • Electronic transfers from other bank accounts.
  • Receive money through QuickPay with Zelle.
Chase savings account interest rate percentage
Chase Routing Numbers: You can find your account's routing number by logging into your online account. See a complete list of Chase's routing numbers by state.

Withdrawing money:

  • Electronic transfer into another bank account.
  • In person at a branch.
  • At an ATM with your Chase debit card.
  • At an ATM by tapping your phone (at ATMs with cardless symbols).
  • Send money through QuickPay with Zelle.
Chase bank interest bearing accounts
Transfer Limit: Federal regulations limit you to 6 withdrawals and transfers per month for savings accounts (those made at an ATM or in-person at a branch do not apply). A $5 fee will apply for transfers and withdrawals over 6 per monthly statement period, including those made at an ATM or branch.

Chase Savings for Military

Current and veteran members of the U.S. Armed Forced can receive free Chase checking and savings accounts with no monthly service fee and no balance requirements.

  • Get a Chase Premier Plus Checking account with no $25 monthly service fee
  • Link up to 2 additional personal Chase checking accounts with no monthly service fees (excludes Chase Sapphire Checking and Chase Private Client Checking)
  • Link Chase personal savings accounts for no service fees (excludes Chase Private Client Savings)
  • Additional benefits include no monthly service fees on Chase Liquid Cards, no annual rent for a 3x5 safe deposit box, and no fee for money orders, counter checks, and cashier's checks

How Chase Savings Compares

Online Savings Account - Earn 0.40% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required

Bottom Line

Chase offers solid savings accounts. It's good if you're looking for a bank with physical locations, lots of ATMS, and good mobile banking. It's also good for developing a relationship so you can access other offerings. However, typical of most brick-and-mortar big banks, don't expect much in interest. And there are service fees unless you meet certain requirements.

If your top priority is getting the best interest rate, then look into a high yield savings account instead.

Write to Anna G at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

Read Next:


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Chase Bank Review


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Chase Bank Interest Rates


Chase Savings℠

Open account

Chase Savings℠ Interest Rates

Interest is compounded and credited monthly, based on the daily collected balance. Interest rates are variable and determined daily at Chase's discretion. Rates are effective for 03/05/2021 only, and are subject to change without notice. Web site rates are generally updated each business day in the morning and rates may vary by market. Balance tiers are applicable as of the effective date of these rates and may change at Chase's discretion. Rates may vary by market. Account fees could reduce your earnings.

Chase Savings℠

Chase Savings Account Interest Rate

Open account

Chase Savings℠ Interest Rates

Chase Savings Account Interest Rates

Interest is compounded and credited monthly, based on the daily collected balance. Interest rates are variable and determined daily at Chase's discretion. Rates are effective for 03/05/2021 only, and are subject to change without notice. Web site rates are generally updated each business day in the morning and rates may vary by market. Balance tiers are applicable as of the effective date of these rates and may change at Chase's discretion. Rates may vary by market. Account fees could reduce your earnings.